Government Schemes Propel MSMEs Towards Growth, Modernization, and Global Excellence

10-08-2023 : Micro, Small, and Medium Enterprises (MSMEs) constitute a vital pillar of India’s economic progress. The Ministry of Statistics & Programme Implementation has recently provided data that underscores the substantial contribution of MSMEs to the nation’s Gross Value Added (GVA) and manufacturing output. The MSME sector accounted for 29.2% of the Gross Domestic Product (GDP) and 36.2% of the manufacturing output in the year 2021-22.

Further insights from the Directorate General of Commercial Intelligence and Statistics (DGCIS) reveal that MSMEs’ significance extends to the realm of exports. In the year 2022-23, MSME-specific products constituted 43.6% of India’s total exports.

The Udyam Registration Portal, which was launched on July 1, 2020, has significantly contributed to formalizing and registering MSMEs. Over the period from its inception to August 8, 2023, a total of 2,18,69,557 MSMEs have registered on the portal. These enterprises collectively provide employment to 12,84,04,488 individuals. Of notable mention is the presence of 30,96,140 informal micro enterprises on the Udyam Assist Platform, generating employment opportunities for 38,57,385 individuals.

Recognizing the pivotal role of MSMEs in India’s economic landscape, the Ministry of Micro, Small and Medium Enterprises (MSME) has instituted the MSME Champions Scheme. This Central Sector Scheme encompasses three crucial components: MSME-Sustainable (ZED), MSME-Competitive (Lean), and MSME-Innovative (focusing on Incubation, Intellectual Property Rights, Design, and Digital MSMEs). The scheme’s overarching goal is to bolster competitiveness within MSMEs by driving Lean Manufacturing, elevating design standards, raising awareness about Intellectual Property Rights, promoting the Zero Defect Zero Effect (ZED) Scheme to enhance product quality and environmental sustainability, and nurturing innovative ideas through incubation.

The objectives of these initiatives are multifaceted. They aim to modernize manufacturing processes, reduce wastage, foster innovation, enhance business competitiveness, and facilitate MSMEs’ reach and excellence on both national and global scales.

The scope of these schemes extends to registered manufacturing Micro, Small, and Medium Enterprises (MSMEs) across India. Beneficiaries are entitled to scheme assistance and subsidies in line with the stipulated guidelines. Comprehensive details about the MSME Innovative, MSME Sustainable (ZED), and MSME-Competitive (Lean) schemes can be accessed at http://www.innovative.msme.gov.in, http://www.zed.msme.gov.in, and https://www.lean.msme.gov.in/ respectively. Additionally, information about financial assistance offered nationwide is available on the official website of DC (MSME).

As India continues its journey of economic growth, these schemes reflect the government’s commitment to empowering and nurturing the MSME sector, fostering innovation, and driving economic resilience across the country.